Demand is what consumers are willing and able to purchase in the market at the given period and given price.
Law of Demand : If the price of a good increases then its quantity demanded decreases, with all other things constant.
We observe this in real life too.
A new restaurant NH 209 opened near IBA with reasonable price. My batchmates and seniors visited there and gave me positive reviews. So, I and my friends visited there on Independence Day and had a wonderful lunch. What I observed that there are only 10 tables in the restaurant but everyone wants to get a reservation. So, demand for reservations goes up. People are ready to wait for the reservations for long time.
Economics when applied to real life sounds beautiful. this blog is for those students who are discovering the different facets of economics applications and want to share their discoveries.
Saturday, September 1, 2018
Economic Concept- DEMAND
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment